Anguilla is a British Overseas Territory in the eastern Caribbean, consisting of a small main island and several coastal islets. It does not have full political independence and sovereignty, but forms its own domestic legislation. The jurisdiction is considered a classic offshore. Among businessmen from all over the world, this offshore jurisdiction is growing in popularity, as it has a reliable reputation, provides high speed of company registration, and is characterized by tax neutrality. The country’s economy is supported mainly by two main areas of activity: offshore registration and maintenance and tourism.
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International business companies (IBCs) incorporated in Anguilla must keep accounting records to the extent sufficient to reflect the company’s financial position.
Such companies must keep accounting records and store source documents to be ready at any time to report on their real financial position in case they receive a request from inspection authorities.
International business companies must store all source documents and accounting records in the registered office, or, if documents are outside Anguilla, there must be a record of their actual location.
International business companies are not required by law to hold an annual general meeting, so meetings can take place at any time and in any place of the globe, including by phone or by other means of electronic communication.
IBCs are not required to file financial statements, so no deadline is set by law for their preparation and submission.
There is no requirement to audit IBCs’ financial statements.
Incorporation of an offshore company in Anguilla is attractive for many reasons, but the main reason is the fact that there are no taxes.
International companies are granted a 50-year concession period during which they are allowed to not pay any taxes. The law provides for exemption from all taxes (personal income tax, company income tax, inheritance tax, etc.) starting from the day of incorporation.
Tax exemption does not abolish the annual state duty. It will have to be paid at the rate of 300 USD per year.
There is no requirement to prepare consolidated financial statements for IBCs.